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edition of "the kudlow report," we'll review the washington assault on stocks on wall street and go money and politics. political favoritism, crony capitalism and their negative effect of stocks which suffered in the new year. >>> but an earthquake may be forming in massachusetts where republican scott brown's tax cutting opposition to obama care could pull off one of the greatest political upsets in history against democrat, martha coakley since the truman beat dewey. that could stop the tax and spend virus including the obama care's latest bribe to exempt big labor from the so-called "cadillac insurance tax" until 2018 while the rest of us stiffs have to pay for it. in an era of obama political favoritism this is a new low. fasten your seatbelts, everybody. "the kudlow report" begins right how.ç good evening. i'm larry kudlow. welcome back. we believe that free market capital similar still the best path to prosperity. tonight we'll review the washington assault on stocks and wall street. tonight's money politics message, no wonder stocks had their worst week in the new year. the index
. remove all the high tax, regulatory, and spending obstacles coming out of washington that are stopping business job creation. >>> plus, president obama wants to spend $2.3 billion to stimulate 17,000 green jobs. are you kidding? that's $135,000 her job. ridiculous. let us keep our own money, thank you very much. so we now have nine reasons why the jobs report is real bad news for the democrats come november. you know corporate profits are up strong, so are stocks. nearly a 3% gain for the broad stock market index this week, but washington is making it too lostly to create jobs. that has to be changed. and finally kudlow hotline. we will take your calls. profits are up. jobs are down. washington has to get out of the way. fasten your seatbelts everybody. the kudlow report begins right now. good evening, larry kudlow. we believe pre-market capitalism is the best path to prosperity and tonight we'll talk about how to get america back to work. jobs, jobs, jobs. president obama announced his new green tech today, but it makes me seen more red ink. how low, john? >> the administration knows
. because what occurred in washington was obviously much more powerful than any of the earnings report, any of the revenue reports, anything wall street threw at us. boy did we get serious good quarters in almost every sector last week. and they were still overwhelmed by the negativity. >> dive, dive, dive. >> all right, there's some important lessons here. first, when everyone thinks the world is coming to an end, it tends not to end. we feared the worst, right? we feared the worst. you know what, when we fear that we rarely get the worst. >> house of pleasure. >> but i want to be clear on this. a nixing of ben bernanke would have caused at least a thousand-point decline. he's regarded basically as the only adult in the room. the guy who may have started late to solve the banking crisis but did keep the system working kept your atm on the move. prevented imminent bank nationalization. i think it's safe to say we would be several thousand points lower than we are if not half if he hadn't stopped the move to nationalize the banks. second, this is the real travesty. until last week america th
have been going in washington. and that may get help to vote for brown. others have been very much in support of coakley saying that they believe that she would more match the ideas of, foegs, ted kennedy's legacy. and they've tried to get out the vote today. they have a much stronger organization to do those things of getting people to the polls because of all of the democrats' history here and their usual dominance in these elections. so part of it is energy versus organization in how things will play out today. and from what we've been hearing checking in with different polling places, the turnout has been bigger than you would ever expect for a special election. more like a midterm election, but not rising to the level of when a presidential race is on the ballot. so this has gotten huge attention here in boston. it's raleally is snapshot of th discontent. and for some they're imposing on to scott brown a chance to do something differently even if they're not entirely sure about all of his views. and martha coakley who remains popular here has been hit with a lot of criticism a
since they've been largely vilified by washington. goldman, of course, down rather notably. take a look at the chicago mercantile exchange, the cme, less trading activity when the president's proposals went through. lifting off of its lows on representative frank's comments. material stocks down just as much here today, 4%, 5%, 6% here. freeport-mcmoran i hope that you saw erin burnett's interview with the head of freeport-mcmoran. good flooz them. talked about lower gold, copper production this year and china tightening their monetary policy, or talk about that has certainly been affecting them in the last few days. finally, get back to earnings in the last 24 hours or at least hopefully. how about our parent company, general electric. talk to all of my friends, the nasdaq and rick santelli at the cme and first mike huckman standing by at the nasdaq. >> thanks, bob. yes the nasdaq is down 21 points but a little bit of a flip here at the nasdaq because yesterday it was the biggest percentage loser among the dow and the s&p 500. and today it's these the smallest percentage loser. of cour
>>> good morning. from washington to wall street, with main street on the mind, the president promising to take on the devastation. >> despite our hardships, our union is strong. we do not give up. we do not quit. we do not allow fear or division to break our spirit. in this new decade, it's time the american people get a government that matches their decency, that embodies their strength. >> today, americans and the markets react. we'll have complete coverage, plus a flurry of corporate reports today, like proctor & gamble, 3m, ford and more. and i'm back in the studio, but becky is still reporting live from davos against this morning. beck. >> that is right, joe. everything from president obama's state of the union address through the corporate headlines. the biggest names in business and politics, we're watching it all from here and we're commenting throughout the day. "squawk box" begins right now. >> this is a special presentation of "squawk box" with joe kernen, becky quick reporting live from davos, switzerland, and carl quintanilla on capitol hill. >> good morning and
washington, d.c. we are live from the russell senate office building rotunda. just across the street, president obama will deliver his state of the union speech in a couple of hours, and we wonder, will mr. obama reset his presidency? will we hear a great state of the eun message or will we hear a bank state of the union? what about permanent tax cuts for jobs and economic growth? the stock market, which has been in a malaise and will we vote tomorrow on what mr. obama says tonight. but first, on this program, we will speak to key senators in the speaker and the house. we will have money and politics analysts. fasten your seat belts, everyone, "the kudlow report" begins now. >> the state of the union, a special edition of the kudlow report. live from washington. >> good evening, everybody. i'm larry kudlow. welcome to a special edition of the kudlow report. we're live in washington where there are cameras and media surrounding us everywhere to our left and our right. let us begin with tonight's money politics message. obviously this is the lead story, president obama's state of the u
dollars cash, when you open an account. >>> i'm john harwood on capitol hill in washington. i've just left an on-the-record briefing with house speaker nancy pelosi a much more optimistic tone to getting to pass the health care bill with certain changes that would ab agreed to. that is a positive sign for the vote count on prospect for president obama's health kay plan. no guarantee that the senate would go along with this strategy but she said this is all doable after we passasm these changes in the affordability other the cadillac tax and the special deal for nebraska, we can get this done in the house of representatives. good sign for president obama and, simon, i'll send it off to you on the floor. >> thank you very much. closing out a market that has rallied today. tonight's speech by president obama, absolutely key for banks and for health care stocks. as we stand at the moment, having rallied through so much of the uzir information today. now down 2% potentially for the month overall. [ closing bell ringing ] >>> you're watching a special edition of the "closing bell" from the world
majority is broken. we're closer to the state known as gridlock that takes washington out of the investment equation. a brown victory could spell the end of health care reform. but that's only just the beginning. this is about more than health care. as you can see from the fact that the whole market is rallying, not just health care stocks. the truth is -- let's cut to the truth. all right? not a lot of talk about the truth. let's give you some truth here. the market doesn't like the agenda president obama and the current democrat regime. they see it at pro labor making it easier to unionize against the banks and walmart. whatever your feelings on organized labor the interest of unions are opposed to those of the shareholders, you. that's why pundits say to look for the union label and sell. we don't invest in shares the aflcio or mime workers. we invest when unions are weak? don't like it? take your profits from the scott brown, slash, obama repudiation ral land donate to the pension fund for all i care. how about the iww? obama's agenda a favors stopping pollution over jump starting the e
on the nation's budget deficit. our chief washington correspondent john harwood has the details. john, so take us through it. the deficit numbers are really shocking. >> well, they're shocking. they're slightly less shocking than they were before the omb came up with this number. we have a $1.3 trillion deficit forecast for 2010. a little over 9% of gdp that is smaller than the 1.4 trillion last year in the earlier omb estimate and the key word for the obama administration today is freeze. the president's aides put out the word in an embargo briefing that the president would propose a three-year freeze on domestic discretionary program that did not inrovolve security. not the home lann security department. this would affect 17% of the federal budget. a very limited scope and it would save $250 billion over ten years. just $10 billion or $15 billion is the difficult balancing act. the president will also talk about in the state of the union about the bipartisan commission that's been talked about on capitol hill, but at the same time he's pushing new jobs, legislation and that's going to be a f
us now in washington, d.c., with all the details. good evening, hampton. >> good evening. congressional budget office predict as $1.35 trillion deficit this year about 9.2% of gdp, slight improvement from last august with a cbo forecast for $1.4 trillion in deficit. 9.9% of gdp. jobs bill and more war spending could increase this year's deficit. economic outlook foresees a sluggish recovery with unemployment ranchlging 10.1% this year. just 2% gdp growth says the cbo in 2011, unemployment rate hovers around 9.5%. deficit could drop to $890 billion but only if most of the bush tax cuts expire. tomorrow's state of the union address and next week's budget release, president president obama will propose a three-year freeze on domestic budgets. estimated savings about $250 billion over ten years and it will barely dent the deficit. budget director or zack says that it is not the only initiative being looked at. >> this is one component of what we will be doing. full details monday for the rest of the budget. but given the opposition that's already being expressed about spendin
of limitations can is going to wear out on its bullishness for stocks. washington is going to decide this week whether easy money is here to stay. how should investors position themselves for a possible fed shakeout? we have stanford university economic's professor, john taylor. peter navarro, business professor at the university of california in irvine. and don lus kin and trend macro chief investment officer. i want to go to peter's great stock market stuff. where is that? i thought we were going to put it up on the full screen? here it is. peter, i want to begin with you to put a stock market or financial strategy spin. you're saying that there's a couple of possible bernanke trades. if it's a kensian easy money fed you go short the dollar. short the long bond. sell the long bond. play the carry trade, which is probably very bullish for commodities and then you say go short housing. i'll come back to that. on the other hand, if a miracle happens and bernanke changes his view, or maybe we get a hard money guy like one of our distinguished guests, you're saying you go long the dollar, short t
and a fear about what is going on in washington. that is adding to investors saying, you know what i will just take my money off the table, particularly when it comes to those financials as you saw bob pisani discussing. >> yeah, and i would agree with you, david. yeah, look at this triple whami this week. china, bernanke and the banks. and remember, david, as you well know, people stopped shorting in the middle of last year, because they got killed trying to short because every time they tried, they got snuffed. now they can smell with this kind of rise in uncertainty earnings you could see that in the vix today, that it may be worthwhile, david, for them to throw in a few more bucks to shorting the market. a very rational thing for traders to think right now. >> david, bob, tyler. we've got steve liesman ready now. he's been at the center of the bernanke story weeks now. the latest details on bernanke's future, you've been working the phones there, as far as senators and what they're going to do regarding bernanke. what do you know, steve? >> reporter: maria, me and a very capable
are going to washington tomorrow to testify in the first hearing. she wants to make up. we decide to turn in early. we just know. announcer: finding the moment that's right for you both can take some time. that's why cialis gives men with erectile dysfunction options: 36-hour cialis or cialis for daily use. cialis for daily use is a clinically proven low-dose tablet you take every day, so you can be ready anytime the moment is right. tell your doctor about your medical condition and all medications and ask if you're healthy enough for sexual activity. don't take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. don't drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long term injury seek immediate medical help for an erection lasting more than 4 hours. if you have any sudden decrease or loss in hearing or vision stop taking cialis and call your doctor right away. announcer: cialis for daily use or 36-hour cialis. ask your doctor if cialis is right for you, so when t
to washington come november? joining us now to discuss this, we have cnbc contributor, form labor secretary, robert reich, the author of "supercapitalism." we also have matthew continetti and author of the persecution of sarah palin. now, let me start with matt don continetti. you're up against the best in the business, former secretary robert reich. now, i want to ask you about tea party based free market populism. is it overtaking this left liberal big government, obama care tax and spend populism that has so many up here on wall street worried? >> not in washington, larry. and that's for now the tax and spend populists are still in control. but when you look at the country at large and where the public is moving, those independent voters who will be so critical in this year's midterm elections, they're running away from washington and toward the tea partiers. >> so secretary reich, good to see you. happy new year. >> happy new year to you. i hope 2010 is even better than 2009 for you. >> well, i hope so, too. and for you. and for all our viewers. and for matt. but look, this is an import
>>> good morning. washington wants the white house, taking credit for the creation of 2 million jobs and preparing to announce t.a.r.p. fees. >>> china challenges, google threatens to pull out of the country and the u.s. equities at this hour, under a bit of appreciate dwrur and around the flat line as "squawk box" begins right now. >> good wednesday morning. welcome to squawk here on cnbc. i'm carl quintanilla along with joe kernen and carl quintanilla. i want to get to this morning's headlines. the white house says emergency spending measures last year saved up to 2 million jobs. harwood will join us in a few minutes with the latest on that. a senior administration officials says the president will announce plans tomorrow to raise up to $120 billion for fees on major financial firms. society generale issuing a mrovt warning today. the bank hit by new write-downs to the tune of 2 billion from risky assets. we will head overseas for reaction in a few minutes. >>> and a major earthquake hit haiti. and google, you saw this, threatening to leave china. the tech giant warns it will
. the washington, d.c. area, you can imagine with all the government jobs being created and the companies serving the government has been a very strong job market. >> yeah. the journal this morning, rents in d.c. are now topping rents in new york, which is sort of a sad twist but says a lot about our economy. quick question on the mobility thing. i saw numbers yesterday about how the inability to sell your house is hampering people's ability to take a job, even if they get one, right? >> absolutely. in the beginning of 2009 when we were losing so many jobs and the housing market was terrible, we saw circumstances where people just couldn't relocate. they couldn't get out of the house they were in to relocate. that's improved substantially. people are in a better position now to get out of the homes they're in and to relocate. there are certainly still parts of the country where that is still a very difficult prop sig. but as a systemic issue, that's improved through the end of 2009. >> is it your gut that we will see perhaps another negative jobs number in the months to come? >> you know, i don't
will continue and the focus will continue out of washington, as well. you've got bernanke confirmation hearings expected. state of the union comes up tonight. right now, krooul crude oil up by 70.82. this is a survey among analysts. they are looking for the average oil price for 2010 to be 77.50 a barrel. this morning, yields are a little higher, 3.632%. and the dollar was up for the week last week, at least when you were looking against the euro. it was up by 1.7%. right now, it's down across the board. you're talking about the euro right now at 1.4189 and the yen at 90.24. gold prices, let's get a check on that, as well. gold saw pressure last week as we worried about some of those, the legislation coming out of washington. commodities across the board this morning, gold prices are backçó up by $14 to $1,103.70 a ounce. let's go to the overseas market right now. christine tan is in singapore. we're going to start things off in london with carolina. >> hi, becky. good morning. european shares were trading lower earlier today. but now we are seeing a partial recovery in banks in mining, which
you like to see coming out of washington that's different than what we currently see? i mean, where are the main problems, in terms, you mentioned immigration, in terms of trade. tell me what would be important to really change that. >> pass the free trade bills, columbia, panama, korea. get ready of the -- provision. allow the best and the brightest to come here. they come to our universities. let them stay if they get a degree, especially an advanced one. relook at this health care bill. it kills innovation. it's an innovation killer. we are the most innovative health care provider? the world. >> why is the innovation killer the health care bill, gary? >> it hists everything from specialist to generalists. discourages. does everything wrong, frankly. we don't want to get rid of the best doctors and the best health care here. >> you make really important points here. >> in terms of other things that we could do the huge deficit -- huge tax increases. tax increases hurt invasion. >> that was really the worry. what i was talking about. take me through where the innovation and the exc
the overhang the banks and the new proposals coming out of washington. >> particularly yesterday, obama's address yesterday. you have got the responsibility fee. you've got the proposal to split the capital markets business from the lending part of the business. what are your thoughts on that? >> to me, it seems kind of coincidental that it came right arch scott brown's victory. it seems highly political in my eyes. >> you think it was just a distraction on the administration's part? my think so. >> to get the health care conversation off of the table? >> yeah and i don't think this will be easy to pass this in the legislation and out in congress. it's out on the table. it's certainly not helped the market. six days ago, you and i stood here the dow was 10722, we said this is the top right here. >> you did say that. >> and it's down 400, 500 points. >> good call, good call. what do you think, anthony? >> well, i think the right thing do is to go back to glass-steagall. what they're trying to do now is a derivative into that and tapping into a populist sentiment. they very negative thing
in baltimore. cnbc chief washington correspondent john harwood, give us the lowdown, john. >> reporter: dennis, the president's trying to follow through on the outreach to republicans he had in the state of the union address. now, i think in all candor, we have to say that neither side expects very much to come from this. because there's big philosophic disagreements. the president did not get support from republicans on the stimulus plan. he's got a big ambitious agenda. here's one reason why the president has a strong hand, though, in that discussion as an individual leader. look at this -- these numbers from the new nbc wall street journal poll about who the public holds responsible for the lack of action in washington. 27% say president obama, 41% say congressional democrats, but most of all, 48% say congressional republicans. now -- >> that's more than 100%, doesn't it? >> reporter: no, no, that's -- each person is asked to give an assessment, and it's not -- no, it's not supposed to total up to 100%. >> let's listen in to the president. >> thank you so much. thank you. thank you. thank y
finances and diana ole sick in washington. responding to a lot of pressure, diana. >> the rising number of blink wenses among fha-backed loans are increasing pressure on the government loan insurer to shore up and that's precisely what it's doing today. the fha will raise its up-front insurance premium from 1.75% of the loan to 2.25%. that's the second time it's raised that premium in two years. most borrowers roll that cost into the loan. next, it will ask congress for the authority to increase the maximum premium and then to down payments. the fha requires a minimum 3.5% down payment which is why it's currently more popular, most lenders are requiring 20% down. the fha will continue that for borrowers with at least a 580 fico score, but for those lower than that they will require 10% down. the fha is reducing the amount of seller concessions and how much a seller can kick in on the home sale from 6% to 3%. that actually brings it more in line with the industry standard. finally, the fha is doing even more to increase enforcement on fha lenders. some of which are showing far more delin
in washington. wrapping up interviews there, coming up. >>> a look at the day on wall street by moving into the financials as the day winds on. it had been close to 80 points. finishing the day at 10,681. s&p 500 picked up 9.5. and the nasdaq composite was strong. technology and leadership on the upside. up 25 points up on nasdaq. and now above 2,300 at 2,307. top story, some of wall street's biggest names on the hot seat on capitol hill in front of lawmakers look for answers to the recent financial crisis. cnbc's david faber has been manning the ship in washington. he has all of the highlights and the takeaways from today's key hearings. david, over to you. >> reporter: thanks, maria. today's first panel hearing in front of this inquiry commission, which will continue its work for the balance of 2010, did include some fireworks and some pointed questions from chairman, phil angelides. the first q&a was devoted solely to questions to blankfein. i asked angelides later. why the focus on goldman sachs and why the focus on some key transactions involving synthetic cdos? >> in 2004, the fb
on "the call." >> washington, wall street, main street all focusing on massachusetts where a crucial election is being held to fill ted kennedy's senate seat. some are calling it the people's seat and there's a lot at stake for president obama and his health care reform plan. nbc news correspondent norra o'donnell joins us live from boston with more. norra, we are jealous. you have the story of the day. reporters are calling it a five-alarm fire on both sides. what's it like. >> i thought you were going to say it because i'm at the cheers bar. >> i would like to have a cocktail right now, but it's not fitting into my schedule. anyway, yeah? >> exactly. this could be the biggest political upset of our life time. the democrats are bracing for a devastating defeat. the republicans are hoping for a historic upset. the last time a republican held the seat of ted kennedy, this ted kennedy or the people's seat this, particular senate seat was in 1952 when jfk defeated henry cabot lodge. so republicans feel very energized. i just touched with the campaigns to give you the very latest and a s
to the comeback in financial, but really we first begin in washington, where really things are taking center stage as far as investors are concerned. a list of wall street big names from lloyd blankfein to jamie dimon, jay mack, brian moynihan, all of those facing lawmakers today to answer questions about the root of the financial crisis. what went wrong? take you right now to washington, cnbc's david faber is live after speaking with jamie dimon earlier. david, over to you. >> reporter: thanks, maria. yeah, an interesting day here in terms of panel one of the inquiry commission into the financial crisis and of course you just named the panelists that were on that panel. went about 2 1/2 hours or some. most of it taken up by questions for lloyd blankfein, the chairman and ceo of goldman sachs. but afterwards, i did have a chance to speak with jamie dimon and we talked about an issue of course is always on people's minds, namely, compensation, as we're right in the middle or about to commence i should say bonus season for most of the big wall street firms. and i asked dimmon whether or not people s
to the washington, d.c. area starting next year. it is searching for an appropriate location now maryland or in the virginia area around washington, d.c. northrup gruman got a new ceo on new years. he took over for ron sugar. and now the company says it will be moving its corporate headquarters to washington, d.c., where it spends much of its time already working with the defense department. a 30,000 northrup grumman employees work in california. most of them of course will stay here but bragging rights of vague corporate headquarters of a major company in los angeles leaving, one less here, mandy, one more for washington, d.c. back to you. >> okay, thanks very much for that breaking news there. jane wells. >>> it was a strong start of the year for stocks but can the upward momentum continue? joining us now, noah blackstein portfolio manager at dynamic funds. and managing partner at skybridge capital. gentlemen, thanks very much for your time. noah, what do you think? >> i think that it can continue. a lot is based on the earnings coming through, those earnings are based in the recovery i
behavior on wall street is rewarded but hard work on main street isn't. or why washington has been unable or unwilling to solve any of our problems. they're tired of the partisanship and the shouting and the pettiness. they know we can't afford it. not now. so we face big and difficult challenges. and what the american people hope, what they deserve, is for all of us, democrats and republicans, to work through our differences, to overcome the numbing weight of our politics. for while the people who sent us here have different backgrounds, different stories, different beliefs, the anxieties they face are the same. the aspirations they hold are shared. a job that pays the bills. a chance to get ahead. most of all, the ability to give their children a better life. you know what else they share? they share a stubborn resilience in the face of adversity. after one of the most difficult years in our history, they remain busy building cars and teaching kids, starting businesses and going back to school, coaching little league and helping their neighbors. one woman wrote to me and said, we are st
they are putting their plans together -- >> so washington is also a problem? >> absolutely. you know, the city union address, it doesn't say a lot to -- for our country that we are hitting a reset button. >> but jj, the last time you were on, you were advocating basically a more safe portfolio. >> absolutely. >> you have now not committed, as i understand it commitments to equity test, raised cash levels, shorten up maturities? what should the individual investors be doing in this market environment? >> the investor should look for, as best as he possibly can, to maintain income coming in for himself, especially the baby boomers retired, very high credit quality, he is going to take a hit on some of those yields by getting out of the long-termer corporates, shortening up, getting higher quality, taking his high-yield portfolio, shortening it up, getting bang for the dollar. >> interested in spreefring your capital rather than reaching for yield? >> absolutely. and even in the equity side of the portfolios we are in, we are looking at long/short investing. the exposure to stocks but volatility
the last few days are concerns about all the regulation that seems to be coming out of washington, the potential regulation that could levee heavy taxes on banks and financial services. we pointed out that the obama new bank tax is probably going to add $100 billion in new taxes to those banks. if you go back and look at what's in frank's own legislation, there's something in there for the resolution fund that would raise about $150 billion to $200 billion in taxes on a lot of these financial services companies just to make sure that if there is a big problem, again, it's a way of taking care of itself, almost like an fdic. still, you add up all those numbers and you're talking about $200 billion to $300 billion in new taxes in money that would be coming out of the capital markets. we asked barney frank if that was a concern to him. listen in to what he had to say about that. >> you know, to get two years' worth of bonuses, it is extraordinary. apparently when they pay each other these enormous bonuses, that has no affect on their ability to lend. but a tax of one-tenth that amoun
in a bit. >>> i'm john harwood on capitol hill in washington. everybody knows democrats for trouble. i sat down today with a house democratic leader denny hoyer. he said they need to see through obama's agenda and turn the long-term deficit reduction and you want the wealth toe participate. >> i'm julia boorstin at the consumer electronics show in las vegas. i'll talk to the ceo of tivo about his game-changing technology about the winners and losers at ces. >> the market's getting more clues that job losses are easing with the labor department report. the number of people claiming unemployment benefits for the first time rose slightly last week, but the rise was less than expected. this after two weeks of sharp drops. initial claims for jobless benefits rose by 1,000 to 434,000, lower than the 447,000 that analyst his expected. >> let's get to the market action. stocks paring some of their losses. consumer discretionary shares are on the rise. boeing, mcdonald's among the leaders. brian shactman is at the new york stock exchange for us. brian? >> interesting. jobless claims and a mixture o
to washington to do. so there are a lot of politics involved here, of course, but there's a lot of policy as well. they're saying what we're doing is trying to separate out some of these risky activities that helped to cause the financial armageddon in the first place, and also because we're seeing some of these banks taking advantage of this safety net, they call it, to make propretear trades and huge profits. >> john, can they be done just with the s.e.c. and fdic bureaucracy, or does it have to be done with congressional thor asian some. >> what's been moving through the house has permissive regulation, saying regulators can take extents to limit risk. what the administration is doing is saying, whether or not it's feld out in the financial regulation legislation, which has not moved through the senate yet, here's how we're going to use that authority and here's how we're going to reg lay. i agree with eamon on the politics, and that politics has all the more reason for the administration to push because of the massachusetts results. on the other hand, paul volcker has been the head of
pearson at the fdic in washington with the details. hampton, what are they deciding? >> well, larry, just within the hour the fdic board has approved from its staff a notice of advanced proposed rule make in essence to you were talking about. tie, if you will, the premiums that banks are assessed when they pay for their fdi insurance to their compensation structure. in a nutshell, in essence, the riskier the compensation structure, potentially the higher the insurance fees. now this is a controversial proposal even among fdic board members. they had a split vote even to go ahead with just what is now a very sensitive proposal upon. . >> as deposit insurer responsible for managing the sources of the deposit insurance fund, this type of risk valuation is central to our mission and purpose. >> we are there with clearly-identified problems and i think we need to have direct examination and supervision as the federal reserve board process provides and congressional process plainly contemplates. only if that is inadequate should we consider other measures. >> now, here is what the key elements
a live picture of the debate that's happening in washington. right now we're keeping a tal leave the votes. last we saw 51 yes, 23 nos. that's according to reuters who is keeping tabs and we've got steve liesman coming up as well. >> meanwhile, maria bartiromo is in davos, switzerland, for the world economic forum. she'll be talking to some of the most influential economic minds in the world including blackstone chairman and ceo, steve schwarzman but first let's take a look at where the major indices are trading and it has been another poor day today. apart from yesterday, of course typically in this last hour, we have seen selling come in right in this final 60 minutes of trade. for the most the dow jones industrial average is down. at the nasdaq we've there a bad day for technology today on qualcomm, on motorola, disappointment on apple and i just want to talk about the levels on the s&p. importantly today we broke obvious support at 1085. we based that -- that was the base that we had, established over six weeks at the end of last year. we gap lower to 1078 and now coming back
to tune in to the "kudlow report" on monday night. i'm going to be live from washington with former treasury secretary, henry paulson. i'm going to tell you, i'm reading the manuscript of his book. it is absolutely riveting. he is convinced that the bank bailouts and the financial rescue plans literally saved the united states, and the rest of the world, from the abyss back in the fall, autumn quarter of 2008. his insight and observations are unbelievable, and we will eliminate them all to you. that's monday, kudlow interviews paulson. [ male announcer ] introducing the all-new lexus gx. it has the agility and the power to take on any mission, and the space to accommodate precious cargo, because every great action hero needs a vehicle. see your lexus dealer. ♪
to have a very undisciplined approach coming out of washington with regard to fiscal policy. with no road map back to sustainable fiscal balances over the intermediate term causing fears in the markets like you see somewhat today in terms of gold, in terms of the dollar, in terms of long treasuries. secondly, you could have a geopolitical event that would restrict world oil supplies with the issues going on in iran today. i would put the probability of both of those events as being relatively low and wouldn't expect those to happen but those would be the two primary risks that i wouldy. >> all right, gentlemen, great conversation. appreciate it. see you soon. thanks very much. thank you so much. take a look at some of the other business headlines that we're covering this afternoon and kick it off with white house press secretary robert gibbs telling reporters today that president obama still has confidence in treasury secretary timothy geithner. this is as house oversight committee towns says whether the fed improperly influenced aig to hold details from the public about houtfederal bailo
of lending in the normal course of business. i say, argh! remember my mantra. if washington helps stocks go up, i'm on board. but if washington kills one of the rolling bull markets and the one we had in banks was pretty rolling, we're going to get mr. t's forecast, shylock's plea in the merchant of wall street and super bear is going to cause us to get hammered. but let's not -- but let's not become too crazy here. this market needed a breather. it needed an excuse. and washington provided a terrific pretext. because obviously the banks weren't the only losers today. all that red hot material stock smoking. sizzling, as i like to say it. the coppers, the steels, the mighty equipment players. they all got crushed! in part because of fears about china. the source of most of the demand for the stuff. people think it might cool off. now, adding a reasonable pullback in oil, a decline in the smoking agricultural sector courtesy of a big selloff of corn, and the jackhammering all makes sense. i'm bringing out every big gun tonight. nevertheless, to quote those buffett like sages, the spice girls
regulation was going to take a larger part of the washington agenda in 2010, as the congress and the president moved on from the issue that is occupied 2009, and this flows with the wave of concern that average people expressed in massachusetts about washington and about the size of big business and big government. so what you see is the administration trying to identify what it considers a responsible way to limit the size. you have paul volcker having talked for some time, like alan greenspan, about the need to reduce the size of too big to fail institutions, as greenspan says, too big to fail, that means it's too big. they'll allowance limits on the liabilities that individual institutions can control and try to ban proprietary trading by institutions to the extent that they benefit from the federal deposit guarantee. the ideas if they bet with john and melissa's money, that's fine, and you can lose as much of that as you want, but if you're betting with the federally insured deposits, that is the proxy for systemic risk. >> john, can i just say sometimes you can learn the
, cramer, i want to give you a big dirty oil and coal covered when is washington going to wake up and smell the natural gas boo-yah. >> ain't never going to happen. i understand representative markey is speaking about putting a new tax on oils. it doesn't get better than this. how can i help there, texan? >>. >> caller: i want to ask you about the deal with apple and the takeover. >> all right. now erts, we know it's got a lot of cash. we like erts, that's what the street calls electronic arts. we like it because of play fish, we like it because it's social media. we think that the future of social media. that's why it barely got hit. stay long erts. i never recommend a stock on a takeover basis when the fundamentals rntd so hot. i think the fund mentals are improving. i'm recommending it on social media. okay. i always wanted to play hamlet ever since i was cut from every single play by mrs. duz duzenberry -- never mind. to buy or not to buy? that is the question. i think apple is red hot. maybe even red delicious, and you should buy, buy, buy. "mad money" will be back after the break. >>>
with the treasury secretary, tim geithner. we'll head to washington, get the details from our mary thompson in just a minute. first, though, let's head back to becky for a look at today's mega guest lineup from davos where i think everybody came back this year to davos. a lot of those bankers that skipped it last year, beck, but they've got quasi swagger. i don't know. maybe not. probably not all in armanni suits this time. they're probably dressed down alg bit, right? >> no, they're not. in fact, some of them didn't come this time. jamie dimon didn't come this year. there is not a lot of swagger. at had this point, this is more about looking back after the global economic crisis and breakdown. this is more about trying to rebuild trust and trying to rethink a lot of things. everything to how markets are formed, what is fair in capitalism to actually how capitalism works and if it does. the very tough economists in the world are here to talk about issues like that. in fact, joining us in just a moment were we're going to talk to him about what he sees. he'll be join us in just a moment. also, we'll
street? >> that is a very unclear message being sent by washington. it certainly looks as if bankers, financial industry is being vilified and penalized and so how do we know? we also know that this is a government which has a huge deficit. we borrow in the trillions every year which means we've got to find ways to raise money any way we can and get it through a congress because that's what it takes to raise money. so i think we'd probably have a combination of both. >> all right. michelle, do you agree? and is there a bottom-line impact to the economy or the markets by this? >> i agree it's a little of both, but let's face it, wall street is a very easy target. the banks have paid back their t.a.r.p. funds. the treasury made money on it. what now needs to be repaid is the money for the auto bailout for the gses and the financial institutions are being forced to bear the burden of that in a punitive way. and i do think for populist reasons. i think there are implications for the economy, when you have the administration sort of levying taxes in a punitive and ad hoc way. it just gene
stocks? let's use some comparisons. jim zorn -- >> boo! >> the at last defrocked washington redskins coach, would be morningstar's portfolio manager of the year! ba-bump. and the rams would be a widely acclaimed five star fund. as your coach and using the sports, not money accountability standard, where the s.e.c. means the stringent tough s.e.c. on cbs rather than lightweight madoff fool in washington, it's my job to help you find the themes, the broad areas that are going to dominate 2010. even, frankly, if they're not interesting, or even particularly pleasant, even if they're like colonoscopies or getting a root canal. by the way, what's the dam for in the root canal except to torture you? how come you have to drink five gallons of liquid draino before they stick a camera in you? we're talking about international investing or as i like to think about it immunizing the portfolio from the second most powerful person in the country, nancy pelosi and her dictatorship from the parole tearate in washington. i've preached your portfolio needs international diversification. but this year
.3 trillion of federal red ink. how can washington create job and cut spending at the same time? live from the new york stock exchange this is the final and most important hour of the trading day. >> i'm scott whopner hi, sue. >> hi, scott. i'm sue herrera filling in for maria bartiromo. the federal budget office predicting the deficit hits $1.3 trillion. peter orszag tells us what the white house is planning to do to come pat that massive deficit and fix the economy. let's look how the major indices are trading. dow jones industrial average 10,255.36, nasdaq ahead of key tech earnings up nine points 2,219.90. the s&p 500 is trading on the upside by 3.64 to 1,100.42. >> we begin with bob pisani. >> reporter: we were up earlier in the day. it is 2:00 well, a little after 3:00. we are starting to see the stocks come off their highs. the important thing last week notice stocks were down big on very heavy volume. the first two days of this week what have we seen? stocks up modestly on lighter volume. that is a change in momentum and affecting the psychology. some negatives som
with the washington gravy train and eventually washington will come back to reachlt think the voters of massachusetts made that very clear. >> so you do believe somebody in washington heard what the voters did. >> and i think unfortunately you need a message lie massachusetts to get it across, and i believe it's going to have to happen two or three times. we're in worse shape here in california. our california government has got some horrible policies for businesses. companies are leaving the state. and we have 12.4% unemployment. our governments need to reform. >> thank you for speaking out. everyone else is afraid to. dr. rodgers, thank you for coming on the phone. >> dr. roj jers, look, hid record speaks for itself. i tell you i've never seen this company's good shape and i followed it since he invepted it. keep this one in mind when the mutual funds are finally done selling because this is one you want to stay with. and stay with cramer. >> coming up, jim goes high volt taj into the fast-fire lightning round. and later whether the dow hits the floor, jim tries to help you stay on ground with am i
right now is the out-of-control spending that they're seeing take place in washington, d.c. they are sick and tired and they are fed up with this. they know that this is a continuation of the big government stimulus and the big government bailout program that they have seen take the congress over the past couple of years in washington and they have had it. >> do you not think, though, congresswoman that wall street is tone deaf in this environment to be giving out bonuses that, in some cases, have topped bonuses before the financial crisis. i mean, a number of private hedge funds have eliminated bonuses completely and deferred compensation because they feel that the environment is not correct to be giving out large bonuses. >> you are right about that. you're right about that. >> doesn't the president have a point? >> wall street is a little bit tone deaf, but what the president is doing is making statements that are really counterproductive to what he is going to do, what he is trying to do with the economy. you know, they're talking about a few banks and now we're alrea
. and washington will be your new partner. you use that to your advantage. i don't think it will be raging but i think it will be more stable and predictable than a lot of people expect. >> thank you for your time. >>> we will discuss the case for an m&a boom during the new year. >> first, new leadership in big banks. morgan stanley, bank of america, we are going discuss the impact on the banking systems straight ahead. only here on "the call." what are you doing...? calling chase sapphire, seeing if we have enough points to stay longer. now? you don't have enough time... and you have to push all those buttons... no buttons, someone answers every time. yeah, right... bet you a massage... yeah, ok. hi, julie... i have a question about my points. hi, what button do i press for a massage? hello? new chase sapphire... you call. we answer. no waiting. just press right here... go to chase.com/sapphire. chase what matters. just got three of sprint's best 3g phones. frannie has the palm pre, which runs multiple apps at the same time. frannie! oh! [ male announcer ] james, the jet-setter, can call from j
. the polls are open, stakes are high for wall street, washington, and the power of the president. the breakdown of what a republican win in massachusetts could mean for health care and the balance of power on capitol hill. >>> a "power lunch" exclusive, with a four-star global fund manager whose fund is up 35% in the past year. >>> plus -- are men marrying wealthier? a new report today showing that men are reaping more economic benefits in marriage than women are. analysis of saying i do coming up in the second hour of "power lunch." it starts right now. >>> welcome to the second hour of "power lunch." i'm tyler mathisen with sue herera, dennis kneale, julia boorstin. news on housing. let's go to diana olick in washington. diana? >> reporter: tyler, that's right, home builds are sentiment slipped for the second month in a row. national association of home builders survey slipped to 15, down 1 point in january. the dividing line between positive and negative is 50. regionally, declined everywhere, falling one point in the northeast, midwest, south, dropping three points out west.
for the makeup of what's been happening in washington. we've got a lot of different things to be talking to him about. originally he was supposed to be joining us at 8:30. but we have so much to talk about, i think he'll be joining us at 8:00. david soakel, he sits in the captain's chair at netjets. we'll get an update. he's been going to china to talk to byc. we have a lot of different things to talk to him about, as well. and guys, i'm so sorry i was not there this morning to talk to you about what happened in massachusetts last night. >> fun. yeah, fun. >> oh, yeah? what happened? >> oh, nothing. and then i think ackman was a -- an obama guy, too. but a lot of the guys like ackman, when we had him in convenie recently, a time of them said, well, yeah, but i wasn't sure -- a lot of them had a little rediscriminations, i guess. i'm sure mr. buffett is still pretty steadfast in his support at this point. >> that would be my guess. and joe, just a moment ago, you guys brought up the whole idea of what happens to regulatory reform. already, the expectation in the washington post and some other pl
to call this, is it a tax, is it a fee? but it is a money raising device. chief washington correspondent john harwood is live at the white house to explain exactly what the money raising device is. john? >> well, erin, the president while trying to deal with this unfolding crisis in haiti, trying to negotiate an end to the health care reform, talks between the house and senate is making time late this morning to announce this bank crisis responsibility fee which is how the administration is calling it. now, here are the details. it's a tax of 15 basis points on selected liabilities of these banks. it would hit about 50 institutions, 35 of them domestic based institutions within the united states and it would raise about $90 billion, which is the amount of money that the administration believes t.a.r.p. will ultimately cost the american taxpayer once they've gotten all the repayments back that they're going to get. now, the banks don't like it. they've been criticizing the proposal and complaining about it but the head of the congressional oversight panel was on "squawk box" this morning
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